The major crypto exchange Binance announced on Monday morning that it was suspending all withdrawals on its platform due to a “massive backlog” of data. The CEO, Changpeng Zhao, assures all users that funds will be kept safe before functionality is restored.

The platform shared this announcement on its official Twitter page via a thread:

It’s our turn. The financing is provided by SAFU. https://t.co/LbJbZsVhl0

– CZ Binance (@cz_binance) November 1, 2021

After the initial outage, Binance notified users that the withdrawals were resuming, but only reversed that action 20 minutes later. The company apologized for the inconvenience to its worldwide customer base and announced that all further updates in the series will be announced.

Related: Binance lowers withdrawal limits and introduces a tax reporting tool

In the tweet, which garnered nearly 4,500 likes and 975 comments, some users of the social media platform took some gentle access to the story by claiming that all funds are SAFU – a cluster used by the crypto community – Word to denote sure. original financial assets Attribution to the founder and CEO of Binance Changpeng Zhao, or CZ.

At 9:48 a.m. Eastern Time, the company announced that “cryptocurrency withdrawals have resumed.”